| The Secretary for Financial Services and the Treasury Ceajer Chan Ka-keung has announced that the city intends to waive certain taxes for the city’s first Islamic bond, according to a report in The Standard. While Hong Kong largely continues to successfully buck the negative effects of the global credit crunch, the need to appeal to investors seeking Shariah-compliant vehicles remains. Capitalising on beneficial schemes to attract petrol dollars such as tax breaks will add to the region’s appeal in its efforts to draw dollars away from the strong pull of the more mature Malaysian markets in this regard. The Airport Authority will have the honours of issuing the city’s first Islamic bond, and seeks to raise up to US$1 billion (HK$7.8 billion). |
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